Stockpiling

[Jiggers]

Just received from the IRS:

Due to late tax law changes, the 2013 filing season for processing individual income tax
returns will begin on January 30, 2013.

Certain tax returns will not be accepted, either electronically or on paper, until later in the filing season. Details on affected forms are in IRS News Release IR- 2013-2.

EROs and Online Providers may hold tax returns containing one or more of these forms until the IRS can accept them. EROs and Online Providers must advise taxpayers that the returns will not be e-filed until the IRS can accept the returns beginning January 30. Clearly explain to the taxpayer that this means the period for processing the return and/or checking the taxpayer's refund status cannot begin before January 31, 2013.

Therefore, the e-file stockpiling rule does not apply in this situation. For more details on stockpiling, see Publication 1345 Authorized IRS e-file Providers e-filing Individual Income Tax Returns.

[JoshinNC]

Had my first

"when can you do my return" phone call today. Told the caller that the IRS won't accept returns until 1/30, earliest available appointments are 1/25. I kinda like this cuz it gives us time to bang out all the 1099's/W-2's/Quarterlies/etc. Maybe they should make the filing season 2/1 - 4/30 to help us out?

[Roland Slugg]

What's the IRS going to do if it receives in the mail a tax return containing a not-ready-to-be-accepted form, such as a depreciation schedule F-4562? Return it to the taxpayer?

Perhaps the IRS will simply refuse to make final/useable forms available to tax prep software providers ... keeping them in "draft" form until they get their lard-a**es in gear.

IMO there was nothing in the recent tax law to justify the IRS taking this long to accept 2012 returns. If tax returns were processed by a private company ... perhaps a division of one of the big accounting/tax firms ... I'll bet the delay in processing 2012 returns would one week ... tops!

[S T]

I like Josh's approach - don't open tax filing season until the first or second week of February and change due date (Individuals for sure) to April 30 or May 15 deadline date - also change the associated Corp, Fid and Partnership returns accordingly.

A lot of us have a very busy January to close Accounting books, Payroll Reports, and all of the Associated State Reports.

How many Business Returns (Corp) are really filed by 3/15 - Most of my Partnerships due 4/15 are always on extension. And I usually have a lot of Individuals on Extension that are "heavy" on Sched D transactions waiting for those "revised" statements.

Employers have until end of January to issue the W-2 forms anyhow, as well as mortgage companies, banks, credit unions, pension/retirement companies, etc.

But then, I don't prepare many early returns, just gathering info and replying to questions.

Sandy

[DaveinTexas]

Correct

What's the IRS going to do if it receives in the mail a tax return containing a not-ready-to-be-accepted form, such as a depreciation schedule F-4562? Return it to the taxpayer?

Perhaps the IRS will simply refuse to make final/useable forms available to tax prep software providers ... keeping them in "draft" form until they get their lard-a**es in gear.

IMO there was nothing in the recent tax law to justify the IRS taking this long to accept 2012 returns. If tax returns were processed by a private company ... perhaps a division of one of the big accounting/tax firms ... I'll bet the delay in processing 2012 returns would one week ... tops!

I just saw an article from NAEA that says the IRS will stockpile (like on someone's desk) returns without those prohibited forms (non itemizing, etc). The article also stated that any returns received by mail with itemized deductions or the other 30+ forms they aren't ready for will be rejected (I suppose that means returned to the taxpayer). What a mess!

[Will]

I just saw an article from NAEA that says the IRS will stockpile (like on someone's desk) returns without those prohibited forms (non itemizing, etc). The article also stated that any returns received by mail with itemized deductions or the other 30+ forms they aren't ready for will be rejected (I suppose that means returned to the taxpayer). What a mess!

Tax returns with itemized deductions (Schedule A) are not affected. They can be filed on January 30.

[DaveinTexas]

My bad

The sales tax deduction is an itemized deduction (in the great State of TX and some other non taxing states) and is one of the deductions that can't be e-filed until Feb/maybe March. However, The Sch A without this deduction is good to go by Jan 30th, you are correct.

[DonPriebe]

Sales Tax Deduction OK for January 30

From http://www.irs.gov/uac/Newsroom/IRS-...or-1040-Filers

The IRS anticipates that the vast majority of all taxpayers can file starting Jan. 30, regardless of whether they file electronically or on paper. The IRS will be able to accept tax returns affected by the late Alternative Minimum Tax (AMT) patch as well as the three major “extender” provisions for people claiming the state and local sales tax deduction, higher education tuition and fees deduction and educator expenses deduction.

[FEDUKE404]

Not only TX

The sales tax deduction is an itemized deduction (in the great State of TX and some other non taxing states) and is one of the deductions that can't be e-filed until Feb/maybe March. However, The Sch A without this deduction is good to go by Jan 30th, you are correct.

With the Bailey ruling (NC specific), many folks in NC also benefit from using the optional sales tax tables due to the fact their state income tax liability is very low or frequently non-existent.

Can you cite your reference for the IRS disallowing any Sch A which claims the amount transferred from the applicable sales tax tables?

FE

[DaveinTexas]

My apologies

The sales tax deduction, listed on Sch A, has been cleared to file by Jan 30th. I read the news release incorrectly.

That's what I get for reading too fast!!

[JohnH]

That happens to me often.
I read too fast and only get half the information right.

That's why I'm sometimes called a half-fast reader.

[RitaB]

I really wish

That happens to me often.
I read too fast and only get half the information right.

That's why I'm sometimes called a half-fast reader.

I really wish we had a like button. Unlike Burpies, this deserves a "like".

On another forum, someone said all he is stockpiling right now is anger and frustration. I died.